Running a small company is a risky business. At every turn there are threats that could dampen your success. What if cash runs low? What if customers pay late? Or don’t pay at all, leaving you with bad debt?
It’s frustrating that even when business is good and you’re gaining new customers, there are still pitfalls which can affect your cashflow, cost you money and prevent your company from thriving.
Unfortunately, these risks have only increased since the outbreak of COVID-19. A recent survey from the Federation of Small Businesses (FSB) suggested that 62% of small businesses have been subjected to late or frozen payments since the pandemic began.
Fortunately, even in these challenging times, there are ways you can avoid risk and future-proof your business.
Too often, B2B companies will take on a new customer without running proper background checks.
Before you agree to supply goods or services to a customer, it’s essential that you answer the following questions:
Getting to know your customers in this way is fundamental to retaining a healthy sales ledger. Without this information, you have no way of knowing if your latest deal is putting your company at risk of late or non-payment.
Satago’s risk insight tool is designed to keep you informed, so you can make business decisions that will protect your company.
As well as providing you with access to full credit reports, our software acts like a digital financial advisor—suggesting workable payment terms for each customer, notifying you if their credit score changes and alerting you of any breaches in your sales ledger.
Satago’s software is always live, so if anything happens that could threaten your business, you’ll be the first to know.
In the past, this level of financial advice was only available to those who could pay a hefty fee, Satago makes it affordable for every business.
In these challenging times, we encourage our users to make the most of our risk insight tools in order to prevent late and unpaid invoices piling up.
If you’d like to learn more about how to use Satago’s risk tools effectively, get in touch with our team today.